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How To Price Jewelry
John Ugoshowa
Pricing is an issue that many people in the jewelry
business often worry about. However, there is a
method that you can easily use, whether you
purchase jewelry wholesale or make your own
jewelry. Pricing is very important. You don't want
to charge too much, because you won't sell
anything. On the other hand, you want to make
sure that you charge enough to make a profit.
If you purchase your jewelry at wholesale prices, a
markup of 15% to 30% is usual, and people will pay
these prices. In the grand scheme of things, apply
the 30% markup, and make that the ?regular? price.
When you need to move merchandise hold a sale,
and use the 15% markup price as the sale price.
If you make your own jewelry, determine the total
cost of the piece, including the cost of supplies,
shipping, warehousing and packaging, then apply a
15% markup. With the 15% markup, your jewelry
will be priced at the wholesale price. If you sell the
jewelry to the general public yourself, as opposed
to selling it to retailers, apply the retail price, which
in this case would be about 45% above your costs.
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